The Templeton Global Bond Fund (TPINX) invests in government and agency bonds from both developed and emerging economies.

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Cutwater only has about 10% of client assets in Treasuries, and that includes some accounts like municipalities that can only invest in government or agency bonds.

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Indeed, spotting mispriced securities seems to be the financial world's latest parlour game: Royal Bank of Canada was this week forced on to the back foot after one of its traders told a newspaper that it had mismarked government-agency and corporate bonds.

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